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Bitcoin is only "no or low fees" because it has no regulations and protections. It'll need those to get broad government, consumer and merchant adoption. And th
by jusben1369 13y ago
Bitcoin is only "no or low fees" because it has no regulations and protections. It'll need those to get broad government, consumer and merchant adoption. And then it won't be fee free.
- nathancahill 13y agoWhy would it need regulations and protections?
- 21echoes 13y agoit's also free because the payment processors, the "miners", are payed by freshly-made bitcoins. once we hit the max number of bitcoins, they'll charge fees to run the "mines".
- bequanna 13y agoOK, I'll bite. In your opinion, what regulations/protections are required that don't currently exist?
- lmm 13y agoFor me to start using a mechanism to pay on the internet, there would need to be a way I can get a refund if it doesn't arrive, or is broken, or the company goes out of business, or if my computer was hacked to make the payment. I would have to be confident that I could call up and get a refund even without having kept careful documentation of the interaction. And there would have to be history/legal precedent backing that up.